Fairshake, a Super PAC that supports cryptocurrency and blockchain, has managed to raise an impressive $202 million for the upcoming 2024 federal elections in the United States. This fundraising success has positioned Fairshake as the top Super PAC in terms of funds raised, surpassing all other interest groups in the country.
The rise of Fairshake and the significant amount of money it has raised is a testament to the growing influence of cryptocurrency in U.S. politics. This trend has been further reinforced by the vocal support from politicians who are eager to champion the interests of the crypto industry.
According to Open Secrets, a political money tracking site, Fairshake has raised a total of $202,939,294 during the current election cycle. This amount represents nearly 10% of the total $2.13 billion raised by all 2219 Super PACs. The pro-Donald Trump “Make America Great Again” PAC comes in at a close second, having raised $201,076,225.
It is important to note the difference between a PAC and a Super PAC. While a PAC can make direct contributions to candidates or political parties, a Super PAC operates independently and focuses on making marketing expenditures to either support or oppose specific candidates. Super PACs have the advantage of being able to raise unlimited funds from various sources, as long as they disclose their donors regularly.
Fairshake’s website emphasizes the importance of providing blockchain innovators with a clear regulatory and legal framework to foster the growth of the open blockchain economy in the United States. The PAC has received significant contributions from major players in the crypto industry, such as Coinbase and Ripple, both of which have donated over $45 million each.
Despite raising the most funds among all Super PACs, Fairshake has spent only a fraction of its total haul. The majority of the expenditure, amounting to $13.17 million, has been directed towards opposing Democrats, as indicated by Open Secrets data.
In contrast to the Republican Party’s embrace of cryptocurrency, some Democratic representatives have shown reluctance towards the industry. Vice President Kamala Harris declined an invitation to the Bitcoin 2024 conference, while prominent figures like Donald Trump and Robert F. Kennedy Jr. have expressed support for establishing Bitcoin as a strategic reserve asset.
The differing views on crypto within the major political parties have prompted a group of Democratic representatives to call on the DNC to adopt a pro-crypto stance. They argue that crypto and blockchain technologies play a significant role in electoral victories and are top-of-mind issues for voters in swing states.
Overall, Fairshake’s fundraising success and the broader conversation around cryptocurrency in U.S. politics highlight the increasing intersection between technology, finance, and governance in the modern political landscape.